Bill > HB447

This bill, known as the Graduate Student Loan Act, establishes a graduate student loan program in the state of New Mexico. The program is administered by the higher education department and provides loans to residents of New Mexico who are enrolled in post-baccalaureate-level courses of study at in-state institutions of higher education. The loans have an interest rate of 2% per year and a repayment period of up to 10 years, with the interest not accruing until the student completes or discontinues their course of study. The bill also allows for the refinancing of out-of-state medical school loans for students who are currently providing medical services in New Mexico. The program is funded by a $15 million appropriation from the general fund to the graduate student loan fund, and the department is required to make annual reports on the program's activities.

Education

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=447&year=23